Dogecoin is gaining bullish momentum above the $0.075 resistance against the US Dollar. DOGE could extend its rally towards the $0.085 resistance area.
- DOGE is currently trading in a bullish area above the $0.072 resistance against the US Dollar.
- The price is trading well above the $0.075 area and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair (data source from Kraken).
- The price is up around 10% and it could extend its rally above $0.080.
Dogecoin price is gaining strength
In our latest Dogecoin Price Prediction, we discussed how DOGE could rise by 10%. The price formed a base above 0.0680 USD and started a fresh rise.
The price cleared the $0.072 and $0.0725 resistance levels, outperforming Bitcoin and Ethereum. It is up more than 10% and it is trading near the $0.0780 resistance. A top was formed near $0.0780, and the price is now consolidating gains.
DOGE is trading well above the $0.0725 area and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.0725 on the 4-hours chart of the DOGE/USD pair. The pair is now trading above the 23.6% Fibonacci retracement level of the recent rally from $0.0695 to the high of $0.0780.
source: DOGEUSD on TradingView.com
On the upside, the price is facing resistance near the $0.0780 level. The first major resistance is near the $0.080 level. A close above the $0.080 resistance could send the price towards the $0.0820 resistance. The next major resistance is near $0.0832. Any further gains could send the price towards the $0.085 level.
Is Dips Limited in DOGE?
If DOGE price fails to rise above $0.0780, it might start a downside correction. Initial support is located on the downside near the $0.0760 level.
The next major support is near the $0.0725 level and the trend line. If there is a bearish break below the $0.0725 support, the price could drop further. In the mentioned case, the price might decline towards the $0.070 level.
Technical indicators
4-hour MACD – The MACD for DOGE/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Key Support Levels – $0.0765, $0.0725, $0.070.
Key Resistance Levels – $0.0780, $0.080, $0.085.